Potential buyers put their decisions to purchase on hold during the month of December as the UK housing market began to show cracks on the surface, according to data from the Royal Institution of Chartered Surveyors. In its latest monthly survey, the number of new property buyers actually increased as the shortage of available property for sale remained constant. This continues the unbalance of supply and demand which has existed in the market for months and appears quite likely to continue for months to come, according to those close to the market.

Remortgage has never enjoyed the spotlight like other mortgage lending options. It remains hidden in obscurity for most UK homeowners to find, almost like trying to discover a needle in a haystack. But now, and for the last several months, remortgages have become more popular and in higher demand. It is now being viewed by experts as a wise choice for saving money in the New Year. 

All data pointed to strong remortgage activity during the year 2016, but the latest figures show more than just a strong year within the sector. Homeowners did not just discover the unique lending tool; they took full advantage of the benefits which were possible. It is a symbol of what a remortgage is capable of doing for the everyday home owner looking to save money. 

Starting in the middle of 2016, following the historic Brexit vote and a new tax surcharge on ownership of second and third properties, the remortgage sector not only took off, but became undeniably hot. This sector has not only continued its hot streak until today, but appears to have lasting power. According to the latest figures from the Council of Mortgage Lenders, the remortgage sector activity has pushed buy to let lending activity to its current increased level.

All pessimists within the UK housing market have had a sharp blow dealt regarding the potency of the market so far in the year 2017. So far, according to Rightmove, housing prices have grown almost 0.5% when compared with the month of December. Year on year house prices are up 3.2%, according to data from Rightmove. In the capital city of London however, it is a different story, as it usually is. House prices have moved forward almost 1.5% during the month compared with the previous month.

The year 2016 was filled with news-worthy items which had large impact, especially within the UK housing market. These included, but were certainly not limited to, the historic Brexit vote which took place in the month of June, and the introduction of the tax surcharge which was placed on second and third home purchases. Surprisingly, the housing market quickly bounced back and is now looking to have quite a strong run of activity within the year 2017.